A company is considering extending credit to a new customer. If the customer is approved, credit would be extended for 1 month. The required return is 1.1% per month. The price per unit is $2,200 and the variable cost per unit is $1,400. Assume customers who don't default become repeat customers and place the same order every month forever and that a repeat customer will never default. What is the break-even probability of default? (show all calculations step by step PLEASE!)